Panama City Gives Businesses a Tax Break

By: Josh Gauntt, WJHG-TV
By: Josh Gauntt, WJHG-TV

Panama City Commissioners are taking steps to fight high unemployment rates by renewing a tax break for job-producing businesses.

Commissioners voted unanimously Tuesday for a property tax abatement that provides incentives for any company, new or existing, if that company can provide new local jobs.

The hope is that the abatement will entice new industry to relocate to Panama City.

"It's more important that ever that we need to do as much as we can to recruit industry and create more jobs and this is a vital tool in that effort," Scott Clemmons, Panama City Mayor said.

The tax abatement now goes to the April 2009 City Elections ballot, for voter approval.

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